Palm cancels first-generation Foleo

The Foleo was overwhelmingly panned as a device in search of a market. Not only that, as late as last week analysts were saying it would have to be delayed because of a number of bugs. Rather than do that, today the first generation of Foleo - Palm insists there will be another generation - has been cancelled.

Palm CEO Ed Colligan broke the news on Palm's official blog Tuesday after the close of the stock market. Just last week, a financial analyst predicted that Palm would have to delay the Foleo's launch until September or October because of serious software-related bugs, but Colligan decided to kill the entire project instead.

"In the course of the past several months, it has become clear that the right path for Palm is to offer a single, consistent user experience around this new platform design and a single focus for our platform development efforts. To that end, and after careful deliberation, I have decided to cancel the Foleo mobile companion product in its current configuration and focus all of our energies on delivering out next generation platform and the first smartphones that will bring this platform to market," Colligan wrote on Palm's blog. Calls to Palm representatives were not immediately returned.

Colligan said Palm continues to work with Hawkins on a Foleo II, and that the company will take a charge of $10 million due to the cancellation.